question about step 1 of softmod

It seems that I use the bannerbomb v1 to run the hackMii installer. Then the hackMii installer installs The Homebrew Channel and BootMii on my machine, right? My question is; what do these things do exactly?

I know that bannerbomb is required to run the hackMii installer. But what do The Homebrew Channel and BootMii do? Do I still need them afterwards?

EDIT:
Nvm, I think I found the answer. BootMii is to be used if I brick my machine so I need to keep it. However, The Homebrew Channel is just for launching homebrew, right? Do I need it to launch all homebrew apps?